Answer: Fortunately, for next year’s home sellers, the tax deduction rules did not change in the new tax law. Though, you are justified for stressing.
According to CNN Money, “both the House and Senate bills originally wanted to scale back a tax break for homeowners when they sell their home for a gain”. However, in the late days of congressional conference, it was determined that “taxpayers will still be able to exclude up to $500,000 (or $250,000 for single filers) from capital gains when they sell their primary home, as long as they've lived there for two of the past five years.”
Of course, consult a CPA to get a full breakdown of how the tax bill affects you in 2018.
Attorney James Haroutunian practices real-estate law, estate planning and probate at 630 Boston Road, Billerica. He gladly invites questions at firstname.lastname@example.org or by phone at 978-671-0711. His website blog is found at www.hlawoffice.com. This column is published for informational purposes only and not to be relied on as legal advice, in any manner.